• Crypto.com has announced that its users who traded Terra’s native token, LUNA, on May 12 between 12:40 and 13:39 (UTC) did so with the wrong price.
• Terra’s death spiral is expected to be the reason for the mispricing.
• LUNA’s loss in value has led multiple exchanges to delist LUNA and TerraUSD (UST) assets.

Crypto exchange Crypto.com has announced that its users who traded Terra’s native token, LUNA, on May 12 between 12:40 and 13:39 (UTC) did so with the wrong price. Terra’s death spiral is expected to be the reason for the mispricing.

Crypto.com said that the company was able to quickly spot the problem and trading was suspended until further notice. Crypto.com stated that “trading remains halted until further notice.”

According to market participants, this meant that traders who wanted to exit crypto after the currency had fallen into a downward spiral had made profitable LUNA transaction. Unfortunately, traders are not happy with the compensation, but Crypto.com is trying to rectify this by offering affected users $10 worth of Cronos (CRO), the exchange’s native token.

LUNA’s loss in value has led multiple exchanges to delist LUNA and TerraUSD (UST) assets. Crypto.com is among these exchanges.

Binance, which is the most popular crypto exchange according to trading volume, made the same announcement. The firm’s CEO, Changpeng Zhao, stated that “I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the team.”

He added that “we requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all.”

OKX was another platform that delisted LUNA. The director of OKX, Lennix Lai, state dthat “seismic crypto market movements like we’ve seen this week tend to deliver some pretty brutal lessons, and we’re seeing a flight away from direct investment in DeFi protocols in the wake of the UST breakdown.”

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